Traders Sell Shares of Illinois Tool Works Inc. (ITW) on Strength (ITW)
Traders sold shares of Illinois Tool Works Inc. (NYSE:ITW) on strength during trading hours on Monday. $22.87 million flowed into the stock on the tick-up and $51.26 million flowed out of the stock on the tick-down, for a money net flow of $28.39 million out of the stock. Of all stocks tracked, Illinois Tool Works had the 0th highest net out-flow for the day. Illinois Tool Works traded up $0.04 for the day and closed at $115.44
ITW has been the topic of several analyst reports. Zacks Investment Research upgraded Illinois Tool Works from a “hold” rating to a “buy” rating and set a $120.00 price objective on the stock in a report on Tuesday, June 21st. Oppenheimer Holdings Inc. restated a “buy” rating on shares of Illinois Tool Works in a report on Tuesday, June 7th. Morgan Stanley lifted their price objective on Illinois Tool Works from $97.00 to $101.00 in a report on Thursday, April 7th. Credit Suisse Group AG set a $114.00 price objective on Illinois Tool Works and gave the stock a “hold” rating in a report on Thursday, July 21st. Finally, Robert W. Baird downgraded Illinois Tool Works from an “outperform” rating to a “neutral” rating and set a $108.00 price target for the company. in a report on Thursday, June 23rd. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $110.07.
The firm has a market capitalization of $41.17 billion and a P/E ratio of 21.50. The stock has a 50-day moving average price of $108.50 and a 200 day moving average price of $101.57.
Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, July 20th. The company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.06. The business had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.41 billion. Illinois Tool Works’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.30 EPS. Equities research analysts expect that Illinois Tool Works Inc. will post $5.62 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 8th. Investors of record on Thursday, June 30th were paid a dividend of $0.55 per share. The ex-dividend date was Tuesday, June 28th. This represents a $2.20 annualized dividend and a yield of 1.91%.
In other Illinois Tool Works news, CEO Ernest Scott Santi sold 74,077 shares of the firm’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $114.24, for a total value of $8,462,556.48. Following the completion of the sale, the chief executive officer now owns 75,926 shares in the company, valued at approximately $8,673,786.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lei Zhang Schlitz sold 1,919 shares of the firm’s stock in a transaction that occurred on Friday, May 6th. The stock was sold at an average price of $103.78, for a total value of $199,153.82. Following the completion of the sale, the executive vice president now owns 592 shares of the company’s stock, valued at approximately $61,437.76. The disclosure for this sale can be found here.
Several hedge funds have recently made changes to their positions in the company. Haverford Trust Co. increased its stake in shares of Illinois Tool Works by 18.2% in the fourth quarter. Haverford Trust Co. now owns 14,187 shares of the company’s stock worth $1,315,000 after buying an additional 2,189 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Illinois Tool Works by 42.9% in the fourth quarter. Victory Capital Management Inc. now owns 15,555 shares of the company’s stock worth $1,442,000 after buying an additional 4,671 shares in the last quarter. Dai Ichi Life Insurance CO. LTD. increased its stake in shares of Illinois Tool Works by 115.7% in the fourth quarter. Dai Ichi Life Insurance CO. LTD. now owns 16,334 shares of the company’s stock worth $1,514,000 after buying an additional 8,761 shares in the last quarter. Burney Co. increased its stake in shares of Illinois Tool Works by 6.6% in the fourth quarter. Burney Co. now owns 17,762 shares of the company’s stock worth $1,665,000 after buying an additional 1,100 shares in the last quarter. Finally, Gluskin Sheff & Assoc Inc. purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth approximately $1,666,000.
Illinois Tool Works Inc (ITW) is a manufacturer of a range of industrial products and equipment. The Company operates through seven segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products and Specialty Products. It produces components and fasteners for automotive-related applications; equipment, consumables and related software for testing and measuring of materials and structures, and equipment and consumables used in the production of electronic subassemblies and microelectronics; adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance; arc welding equipment, consumables and accessories for a range of industrial and commercial applications, and beverage packaging equipment and consumables, product coding and marking equipment, and consumables, and appliance components and fasteners.
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